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iPhone Maker Foxconn Strikes Pact for Chip Plant in Western India

  • Taiwan’s Hon Hai, India’s Vedanta to set up factory in Gujarat
  • Vedanta says total investment in project could top $19 billion

Hon Hai Precision Industry Co., the assembler of most of the world’s iPhones, plans to build a chipmaking facility in India with a local partner to tap rising demand for semiconductors and the government’s support for such projects.

A joint venture of Taiwan’s Hon Hai, known also as Foxconn, and metals company Vedanta Ltd. will set up a factory in Gujarat, the home state of Prime Minister Narendra Modi. The total investment in the project, which includes semiconductor fabrication, assembly and testing as well as display production, is set to reach 1.54 trillion rupees ($19.4 billion), Vedanta said in a statement Tuesday.